Summit Corporation plc - Signs research agreement
13 Oct 2008
Summit Corporation plc (AIM: SUMM), a leading UK biotechnology
company, announces that it has signed a non-exclusive research
agreement with the healthcare and
pharmaceutical company Johnson & Johnson PTE LTD to explore and
develop the use of zebrafish drug screening in drug discovery and
development.
Under the terms of the agreement, Summit will receive an undisclosed amount over three years to support the development of new assays using the zebrafish platform. The platform is used to screen drug candidates for a broad range of toxicity and safety issues. The research will be undertaken at a new state-of-the-art zebrafish facility in Singapore and will be established and maintained by Summit as part of this agreement.
Summit expects the facility in Singapore to be fully operational early in 2009, when it will primarily undertake assay development work in accordance with the agreement. In addition, Summit will use Singapore, already a centre of excellence in zebrafish research, as a base to target new markets in the Far East and expand its current zebrafish screening services business.
Steven Lee, PhD, Chief Executive Officer of
Summit, commented: "I am pleased Summit will be extending
the excellent relationship we have established in our zebrafish
technology through the signing of this longer-term agreement. This
partnership is an important milestone for Summit and is a natural
follow-on from previous pilot studies
conducted with Johnson & Johnson PTE LTD. Beyond this
agreement, I anticipate additional assay screening revenues and
assay development work plus further services revenues from other
third party clients.
"I believe this agreement demonstrates continued interest in the
value zebrafish can bring to the drug discovery process and will
enhance one of our two technology platforms that support our drug
programme business. We look forward to working closely with them
on
developing this technology over the next few years."
For more information, please contact:
Summit plc
Steven Lee, PhD, Chief Executive
Officer
Richard Pye, PhD, Investor Relations
Tel: +44 (0)1235 443951; +44 (0)7825 313476
Citigate Dewe Rogerson
Mark Swallow, PhD /
David Dible / Emma Palmer Foster
Tel: +44 (0)207 638 9571
Panmure Gordon
Andrew Burnett / Rakesh Sharma
(Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600
About Summit plc
Summit plc is a leading
UK biotechnology company with a broad preclinical and clinical
pipeline, two world-leading technology platforms and an innovative
business model that is expected to generate sustainable value for
investors. Summit is developing multiple drug programmes that
target unmet medical needs from which it intends to generate value
by
out-licensing attractive late preclinical or early clinical stage
programmes in return for upfront, milestone and royalty payments.
Summit uses its scientific expertise to target orphan diseases,
neuro-disorders and infectious diseases. Summit has signed a
major
licensing agreement with BioMarin in Duchenne muscular dystrophy
and has co-development agreements with Evolva (infectious
diseases), Orient Pharma (sialorrhoea) and the Lilly TB Drug
Discovery Initiative (tuberculosis). Underpinning Summit's drug
pipeline are two innovative technology platforms: carbohydrate
chemistry and zebrafish biology. These platforms support existing
programmes and also will be the source of
future programmes to replenish Summit's drug pipeline. These
platform technologies also form the basis of the Company's
profitable service business. The company listed on the alternative
investment market (AIM) of the London Stock Exchange in October
2004 - symbol: SUMM. Further information about the company is
available at www.summitplc.com.
